- China Liberal Education Holdings Ltd CLEU has entered into a non-binding letter of intent (LOI) to acquire all the outstanding equity interest in the new electric vehicle brand Aiways Holdings Limited.
- China Liberal Education is a China-based company that provides smart campus solutions and other educational services.
- The acquisition would value all the equity interests of Aiways at an aggregate amount ranging from $5.0 billion to $6.0 billion.
- On the closing of the deal, all the equity interests of Aiways will be converted into the ordinary shares of China Liberal.
- Both parties are currently completing their respective due diligence review of the other party and are continuing to negotiate the terms of a definitive agreement.
- China Liberal held ~$33 million in cash and equivalents as of 2021-end.
- Price Action: CLEU shares are trading higher by 26.9% at $1.20 on the last check Friday.
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